“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” he wrote Mr. Geithner on Saturday.
This new wrinkle in the A.I.G. saga is getting lots of attention on an otherwise quiet weekend. The WSJ is reporting that the bonuses are part of a long term plan and can not be voided, according to the company.
I'm not a fan of the Fed or the Congress micromanaging private sector compensation, but the "best and the brightest" from A.I.G. need to get zeroed this year.